Sajjan Jindal

ARTICLES ABOUT SAJJAN JINDAL BY DATE - PAGE 5

NEW DELHI: JSW Steel today said it is a victim of illegal mining in Karnataka and has been facing significant shortage of iron ore for its unit in the state since the issue came to light. The Supreme Court had banned mining in Karnataka last year leaving JSW Steel to operate its Vijaynagar plant at below capacity. "Consequently, we have faced significant shortages in the supply of good quality domestic iron ore... as the crisis in iron ore intensified in September 2011 pending commencement of e-auctions, we continued to operate out furnaces at lower capacity," JSW Steel Chairman Sajjan Jindal said in a letter to shareholders.

Despite a lot of negative publicity after the Karnataka Lok Ayukta report on illegal mining, the government has nothing to show against us, claims joint JSW Steel MD Seshagiri Rao JSW has dealt with crises before, but, this time, it is dealing with external challenges over which it has no control. The double whammy of the teething problems it endured after adopting Corex technology and the funds crunch were "internal challenges" the steel maker could easily address.

MUMBAI: He has helped the JSW Group set up a large steel company, a medium-scale power unit, and small infrastructure and cement entities. He nurtures his owner's personal wealth in stocks and real estate; and is a part of a council that is dividing the empire that his master's late father, OP Jindal, built. How vital is he to the JSW Group can be gauged from the fact that he was brought back after retirement to pull the group out of the crisis revolving around iron ore sourcing and an acquisition that is threatening to go sour.

MUMBAI: Steel magnate Sajjan Jindal's financial troubles are spreading. Already burdened by the woes of iron ore sourcing, the Mumbai-based billionaire and promoter of JSW Steel is now realising that his acquisition of Ispat Industries is not quite turning out to be the "prized" catch it was once touted to be. Jindal had cut the deal for Ispat with brothers Pramod and Vinod Mittal at lickety-split. The 2,157-crore transaction was sealed in just a week in December 2010, surprising other suitors like Tata Steel . Jindal had then promised shareholders of Ispat that he would revive the loss-making company's fortunes in less than 18 months.

MUMBAI: Sajjan Jindal, the promoter of JSW Steel, India's largest private steelmaker by domestic capacity, is set to lose over Rs 500 crore paid as initial deposit for preferential warrants allotted in June last year that will be due for conversion on Thursday at a price more than double the current rate. Twenty-five per cent of the value of the securities, or Rs 529 crore, was paid up front, under regulations governing convertible warrants while the remaining amount, Rs 1,588 crore, was to be paid after 18 months.

MUMBAI/KOLKATA: Four months ago, Sajjan Jindal's JSW Steel raced past Tata Steel to emerge as India's second-largest steelmaker. But he didn't get too much time to enjoy the view at the top. A series of abrupt and unexpected events has since hit iron ore supplies, stalling production at his plant in Vijaynagar. It is now running at just 30% of the installed capacity of 10 million tonnes. This July, the Supreme Court ordered suspension of mining in Karnataka, following reports of rampant illegal mining, and directed sale of about 25 million tonnes of seized ore through e-auctions.

NEW DELHI: The World Steel Association (WSA), a premier global steel industry body, today elected ArcelorMittal Chairman Lakshmi Mittal and JSW Steel Vice-Chairman Sajjan Jindal to its 15-member Executive Committee. Mittal and Jindal were elected by the WSA Board at its 45th Annual Conference in Paris for a period of one year till October, 2012, the largest global steel industry association said in a communique. The executive committee also has representatives from JFE Steel Corporation, Posco, Severstal and Nippon Steel, among others.

MUMBAI/KOLKATA/DELHI: JSW Steel, India's largest steelmaker, on Tuesday came precariously close to a complete shutdown of its manufacturing operations in Karnataka, when it shuttered two of its four blast furnaces due to an acute shortage of iron ore. The move could sharply push up the prices of steel which, in turn, will make most consumer goods costly as the metal is widely used in most products. The Mumbai-based JSW, which has an annual capacity to make about 10 million tonnes of steel, has been facing raw material shortages ever since the Supreme Court suspended mining activity in Karnataka, following the discovery of illegal mining in the districts of Bellary, Chitradurga and Tumkur.

NEW DELHI: JSW Steel may have to shut down its Karnataka Vijaynagar unit if iron ore supplies don't improve in near future, ET Now reports today. "The company may fall short of its annual production target and may have to revise it depending on the duration of the ban," Sajjan Jindal told reporters, adding that the plant is currently running at 30% of its capacity. Iron ore prices have increased by Rs 600-700/tonne post the mining ban in Karnataka. JSW Steel Ltd has gone for a massive production cut to 30% of capacity at its Vijayanagar plant in Karnataka "due to abrupt stoppage of iron ore," the company said in a filing to the Bombay Stock Exchange yesterday.

Sajjan Jindal's JSW Steel which is grappling with issue of lack of iron ore due to the mining ban in Karnataka has procured 1.17 lakh tonnes of the feedstock at 25-30% higher prices in e-auction directed by the Supreme Court. Sources said this amount will be sufficient for them for the next 3 days. JSW Steel is buying about 15000 tonnes of iron ore per day from NMDC and is trying to meet the rest of the requirement from the states of Jharkhand and Orissa. Procuring raw material from other states increase the cost for the company by Rs 1500 per tonne.